South China Sea oil production steadily rising

Feb 18, 1997 01:00 AM

Feb. 8, 1997 The oilfields in South China Sea yielded almost 1.2 million tons of crude oil in Jan. 1997, keeping a daily output of nearly 40,000 tons. Statistics showed that the company in charge of the South China Sea oilfields set a record of over 11.84 mmt of crude oil last year, doubling that of the previous year. The South China Sea Eastern Company, one of the regional companies of the China National Offshore Oil Corporation (CNOOC), has discovered geological crude oil reserves of 500 mmt since it was founded in 1983. China has so far proven geological offshore oil reserves of 1.3 billion tons. Nine oilfields were proved to be commercially worthy exploitation. Eight are in operation, one is still under construction. The Eastern Company has forged co-operative relations with 38 foreign counterparts from 11 countries and regions, including the US, UK and Italy. It has signed 43 contracts with foreign companies in recovering oil.
China's offshore oil industry has greatly benefited from large-scale Sino-foreign co-operation. China has signed 126 oil contracts with 65 oil companies from 18 countries and regions, absorbing direct foreign investment of nearly $ 6 bn, which accounted for 60 % of the country's total investment in the offshore oil sector. Advanced technology was applied in developing oilfields. The Liuhua 11-1 oilfield which went into operation in March last year adopted seven techniques that were used for the first time in the world. A senior official with the CNOOC said that CNOOC has entered the best development period since it was established in 1982. All of its 19 operational offshore oil fields have had rich outputs.
China's crude oil output is estimated to hit between 165-167 mmt this year, an increase of 4.2 to 4.5 % over the 1996 figure. Last year China pumped 156.45 mmt of crude oil, 8 mmt more than in the previous year. About one tenth of the product came from offshore oilfields.

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